SCBH seeks ways to finance assisted living facility

Swift County-Benson Hospital would like to start work on a $12.445 million assisted living/memory care facility on land south of Scofield Place yet this fall.
It would also like to begin work on the $5.75 million restructuring project, changing the current layout of the hospital to better serve in-patient and outpatient clients, and provide for more efficient use of staff.
How to finance the projects has yet to be figured out. At the May 23 SCBH Governing Board meeting, CEO Kurt Waldbillig said the hospital is considering using Scofield Place with its 501c3 status and sound financial history to be the lead in seeking financing for the assisted living/memory care part of the project.
 
“Honestly, where the hospital is at financially for the last three years has been an issue,” Waldbillig said of its ability to go the market to seek a loan or bonding.
 
“Given that the hospital lost money in 2014 and 2015, that really limits what the hospital can go out and do for debt,” SCBH Finance Officer Dan Enderson said. “We don’t have all those answers yet; we are exploring that.” SCBH is hoping that can be around June 10 so it will have a more clear idea of what it can do, he added...
 
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